G3Newswire ASIA & OCEANIA GAMING NEWS GALAXY REVENUE 34 PER CENT FALL
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Galaxy Entertainment’s first half revenue fell by 34 per cent due to what it described as ‘challenging market conditions’
Macau - Operations
Galaxy Entertainment, which recently opened Broadway Macau at its expanded Galaxy Macau resort, saw revenues fall by 31 per cent at Galaxy Macau and 42 per cent at its Starworld casino. Despite being open for just 35 days during the sec- ond quarter, Broadway Macau delivered revenues of $64m.
CAMBODIA – NAGACORP BOOMS AS MACAU SLIDES Cambodian operator Nagacorp has shown no signs of slow- ing in light of declining markets in Macau and Singapore with the operator of NagaWorld showing an increase of 42 per cent in Gross Gaming Revenues for the six months ended June 30 2015. GGR hit the US$255m mark with VIP revenue increasing by 25 per cent to US$108m, mass market rev- enue increasing by 57 per cent to US$148m and net profit increasing by 49 per cent to US$101m.
NagaCorp stated: “Macau’s Gross Gaming Revenue declined 37 per cent for the first half of 2015. In contrast NagaWorld, which is situated in the Cambodian capital city Phnom Penh, recorded GGR growth of 42 per cent. For the Period, the Group’s revenue increased by 39 per cent to US$265.4m and net profit increased by 49 per cent to US$101m. The positive results were attributable to the increase in business volume from all segments of the gaming business. In addi- tion, the Group received a non-refundable Electronic Gaming Machines negotiation fee from investors, which has been recorded as EGM revenue for the Period. As at 30 June 2015, NagaWorld had 262 gaming tables and 1,600 EGM.”
The Group achieved a growth of 11 per cent in Public Floor Tables buy-ins and 10 per cent in EGM bills-in. Gross profit margin remained at 95 per cent.
AUSTRALIA – PACKER STEPS DOWN AS CHAIRMAN Australian billionaire James Packer has stepped down as Chairman of Crown Resorts with the Board appointing Robert Rankin as his replacement as Chairman.
Mr Packer remains a Director and it is intended that he will be appointed as a senior Executive Director on terms which are currently being discussed with the Board. Mr Packer will also remain Co-Chairman of both Melco Crown Entertainment and the Alon Resort project in Las Vegas.
Mr Packer said: “Crown remains my No.1 business priority and passion. I am extremely proud of the company and look forward to continuing our efforts to build a global luxury brand. Crown has a pipeline of resorts globally and this is where the majority of my time will be spent. Rob Rankin has my complete trust and respect as an executive and he will do an outstanding job as Chairman. Given our global growth and aspirations, this is the right time for the company to make this change. I look forward to working closely with him."
“My vision for the company is to be one of the world’s best integrated resort and entertainment providers – as Crown's largest and majority shareholder, I will be completely focussed in delivering on these plans.”
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Dr. Lui Che Woo, Chairman of GEG said: “Market conditions within Macau remain challenging; however GEG announced credible financial results for the first half, after the successful on time and on budget opening of Galaxy Macau Phase 2 and Broadway Macau. The expansion was only operational for 35 days within the reporting period and we continue to ramp up the perform- ance and open additional facilities to further boost the appeal to the mass market.
“As anticipated, customers’ spending behaviour across the market remains cautious, resulting in lower year-on-year revenues for the Group. As a result, earnings at GEG in the second quarter were partially impacted by lower revenues and the opening preparation costs of Galaxy Macau Phase 2 and Broadway Macau, including the additional staff costs in the lead up to the grand opening. Management has and will continue to focus on driving efficiencies, exercising rigorous cost con- trols and adapting our product offering to meet evolving market conditions.
“The launch of Galaxy Macau Phase 2 and Broadway Macau has been well received and the majority of the resort’s amenities were launched on the opening date,” he added. “A majority if not all of the remaining gaming, retail and F&B outlets are expected to be opened by year end. We con- tinue to execute operationally and ramp up the property with a focus on the mass market.”
The expanded mass market focused Galaxy Macau Phase 2 and the brand new family friendly Broadway Macau both opened simultaneously on time and on budget on May 27 2015, bringing GEG’s total investment in Cotai to $43bn.
Galaxy added that it was pleased that the Macau Government had indicated some flexibility and are open-minded to consider the retention of smoking lounges. “The enabling legislation for the smoking ban is in the committee stage, and could be held up for another year. Allowing smoking lounges would be viewed as a positive for the market. The gaming concessionaires continue to work together for a pragmatic solution,” the group said.
Comtrade Gaming completes Asian sportsbook integration
TAIWAN Comtrade Gaming has successfully integrated their iCore, an Enterprise Gaming Platform, with one of Asia’s largest sportsbook platform providers, ONEworks. The collaboration will give all Comtrade Gaming’s licensed oper- ators access to ONEWorks’ entire spectrum of sportsbook services.
Comtrade Gaming’s iCore Platform can now leverage on ONEworks’ sportsbetting platform which offers an extensive range of events, bet types, multiple odds, in play markets and virtual sports.
ONEworks spokesman added: “Comtrade Gaming’s platform coupled with its robust player management capabilities and powerful bonusing/CRM modules is an excellent fit for ONEworks. ONEworks is the no.1 choice for large sportsbook operators in Asia
making Comtrade Gaming a natu- ral fit with our products and serv- ices.”
Steven Valentine, Director of Interactive at Comtrade Gaming said: We are delighted to be able to work with ONEworks as our major sportsbook provider in Asia. Our strategy for iCore has always been to partner with best of breed products tailored for individual countries and markets. ONEworks is the leading sports betting provider in Asia and this compli- ments our enterprise gaming plat- form very well.”
Japan There will no casino discussions in the current Diet sessions in Japanese parliament meaning the chances of Integrated Resorts being launched in time for Tokyo’s 2020 Summer Olympics are fading. The ruling Liberal Democratic Party has said that parliament is focussing on the Trans-Pacific Pact free trade debate and problems surrounding the Olympic stadium. The current session closes on September 27. A source from the Liberal Democratic Party said: “The casino bill will be handled at a planned extraordinary Diet session. For the current session, we have the security bills.” Some analysts believe that with time running out for casinos could be side- stepped altogether.
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